Dr. Reddy's Lab plunges 6.6% on USFA warning letter

The US Food & Drug Administration has warned Dr. Reddy’s Laboratories over serious data integrity violations, according to media reports.

Dr. Reddy's Lab has plunged 6.6% to Rs. 3,163.15 on BSE. The US Food & Drug Administration (USFDA) has warned Dr. Reddy’s Laboratories over serious data integrity violations, according to media reports. In a letter to the Indian company, USFDA has reportedly stated that there are significant deviations from current good manufacturing practices (CGMP) for the manufacture of active pharmaceutical ingredients (APIs) for finished pharmaceuticals.

The scrip opened at Rs. 3049.75 and has touched a high and low of Rs. 3200 and Rs. 3049.75 respectively. So far 847830(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 57805.62 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 4382.95 on 20-Oct-2015 and a 52 week low of Rs. 3010 on 09-Feb-2015. Last one week high and low of the scrip stood at Rs. 3437 and Rs. 3140 respectively.

The promoters holding in the company stood at 25.51 % while Institutions and Non-Institutions held 41.91 % and 14.35 % respectively.

The stock is currently trading above its 100 DMA.